IDEAS home Printed from https://ideas.repec.org/a/fip/fedpbr/y2011iq3p21-30.html
   My bibliography  Save this article

\\"What's it worth? Property taxes and assessment practices\\"

Author

Listed:
  • Timothy G. Schiller

Abstract

Residential property taxes are both a major source of local government financing and a significant cost of owning a home. Tax limitation measures and relatively moderate gains in house prices during most of the 1990s tended to keep property taxes from rising rapidly in those years. But from the late 1990s to the mid-2000s, house prices once again rose sharply. Property taxes followed a similar path, bringing them to greater public attention once again. Now that house prices appear to have shifted to a level or downward trend in most parts of the country, there seems to be increasing concern that real estate valuations for property taxes are not promptly reflecting declining values. In ?What?s It Worth? Property Taxes and Assessment Practices,? (256 KB, 10 pages) Tim Schiller focuses on how tax authorities measure value and calculate tax liabilities, the shortcomings of some of these processes, and the remedies that have been, or can be, implemented to make real estate assessment more accurate and equitable.

Suggested Citation

  • Timothy G. Schiller, 2011. "\\"What's it worth? Property taxes and assessment practices\\"," Business Review, Federal Reserve Bank of Philadelphia, issue Q3, pages 21-30.
    • Handle: RePEc:fip:fedpbr:y:2011:i:q3:p:21-30
    as

    Download full text from publisher

    File URL: https://www.philadelphiafed.org/-/media/frbp/assets/economy/articles/business-review/2011/q3/brq311_property-taxes-and-assessment-practices.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Lutz, Byron F., 2008. "The Connection Between House Price Appreciation and Property Tax Revenues," National Tax Journal, National Tax Association;National Tax Journal, vol. 61(3), pages 555-572, September.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Diarmaid Addison-Smyth & Kieran McQuinn, 2010. "Quantifying Revenue Windfalls from the Irish Housing Market," The Economic and Social Review, Economic and Social Studies, vol. 41(2), pages 201-233.
    2. Ivanov, Ivan T. & Zimmermann, Tom, 2024. "The “Privatization” of municipal debt," Journal of Public Economics, Elsevier, vol. 237(C).
    3. Lutz, Byron & Molloy, Raven & Shan, Hui, 2011. "The housing crisis and state and local government tax revenue: Five channels," Regional Science and Urban Economics, Elsevier, vol. 41(4), pages 306-319, July.
    4. David Cashin & Jamie Lenney & Byron Lutz & William Peterman, 2018. "Fiscal policy and aggregate demand in the USA before, during, and following the Great Recession," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 25(6), pages 1519-1558, December.
    5. Mayda, Anna Maria & Senses, Mine & Steingress, Walter, 2023. "Immigration and Provision of Public Goods: Evidence at the Local Level in the US," CEPR Discussion Papers 18054, C.E.P.R. Discussion Papers.
    6. Glenn Follette & Byron Lutz, 2010. "Fiscal Policy in the United States: Automatic Stabilizers, Discretionary Fiscal Policy Actions, and the Economy," Revista de Economía y Estadística, Universidad Nacional de Córdoba, Facultad de Ciencias Económicas, Instituto de Economía y Finanzas, vol. 48(1), pages 41-73, Junio.
    7. Gupta, Arpit & Van Nieuwerburgh, Stijn & Kontokosta, Constantine, 2022. "Take the Q train: Value capture of public infrastructure projects," Journal of Urban Economics, Elsevier, vol. 129(C).
    8. Siodla, James, 2020. "Debt and taxes: Fiscal strain and US city budgets during the Great Depression," Explorations in Economic History, Elsevier, vol. 76(C).
    9. Kumhof, Michael & Tideman, Nicolaus & Hudson, Michael & Goodhart, Charles, 2021. "Post-Corona Balanced-Budget Super-Stimulus: The Case for Shifting Taxes onto Land," CEPR Discussion Papers 16652, C.E.P.R. Discussion Papers.
    10. Ihlanfeldt, Keith R. & Willardsen, Kevin, 2014. "The millage rate offset and property tax revenue stability," Regional Science and Urban Economics, Elsevier, vol. 46(C), pages 167-176.
    11. Alm, James & Buschman, Robert D. & Sjoquist, David L., 2011. "Rethinking local government reliance on the property tax," Regional Science and Urban Economics, Elsevier, vol. 41(4), pages 320-331, July.
    12. Matthew Davis & Fernando V. Ferreira, 2017. "Housing Disease and Public School Finances," NBER Working Papers 24140, National Bureau of Economic Research, Inc.
    13. McQuinn, Kieran & Addison-Smyth, Diarmaid, 2015. "Assessing the Sustainable Nature of Housing-Related Taxation Receipts: The Case of Ireland," Papers WP503, Economic and Social Research Institute (ESRI).
    14. Follette, Glenn & Kusko, Andrea & Lutz, Byron, 2008. "State and Local Finances and the Macroeconomy: The High–Employment Budget and Fiscal Impetus," National Tax Journal, National Tax Association;National Tax Journal, vol. 61(3), pages 531-545, September.
    15. Mengkai Chen & Ting Chen & Debao Ruan & Xiaowei Wang, 2023. "Land Finance, Real Estate Market, and Local Government Debt Risk: Evidence from China," Land, MDPI, vol. 12(8), pages 1-18, August.
    16. Davis, Matthew & Ferreira, Fernando, 2022. "Housing disease and public school finances," Economics of Education Review, Elsevier, vol. 88(C).
    17. Alison Felix, 2011. "What is the outlook for local government revenues in the Tenth District?," Economic Review, Federal Reserve Bank of Kansas City, vol. 96(Q III), pages 71-100.
    18. Jerch, Rhiannon & Kahn, Matthew E. & Lin, Gary C., 2023. "Local public finance dynamics and hurricane shocks," Journal of Urban Economics, Elsevier, vol. 134(C).
    19. Feler, Leo & Senses, Mine Zeynep, 2016. "Trade Shocks and the Provision of Local Public Goods," IZA Discussion Papers 10231, Institute of Labor Economics (IZA).
    20. Tammy Leonard & Xi Yang & Lei Zhang & Connor Reed, 2020. "Impact of Property Tax Abatement on Employment Growth," Economic Development Quarterly, , vol. 34(2), pages 209-221, May.

    More about this item

    Keywords

    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fip:fedpbr:y:2011:i:q3:p:21-30. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Beth Paul (email available below). General contact details of provider: https://edirc.repec.org/data/frbphus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.